Mortgage - stay or swap

Posted 22nd Nov
I need a new mortgage deal for just 5 years only so unsure what the best option is - staying with current provider for a no fee straight switch but a slightly higher rate or new provider with associated fee's & costs but lower rate.Confused
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Work out the total cost for 5 years.

Current monthly payment x 60 (5 years worth)
New 5 years fixed monthly payment x 60 + fee's to move - any cashback if you get any.

Which ever of the two is lowest is the cheapest. If it's pennies then you need to work out if it's worth the extra paperwork.

If you are on a variable now then you wont know for sure if it will go up or down.
Work out whether you'll save money over the remaining 5 years by changing. If not, stay with current provider. If yes, weigh up whether it's worth the hassle of changing. Simples.
Depends on whether you can be bothered to go through the affordability checks and the hassle of a re-mortgage. Way i see it.
When i was at the point where you are, I swapped fee free as was only a 0.25% rise.
I just over paid as did not have a fixed rate.
Not trips abroad etc for 11 years.
But paid my mortgage off in under 11 years.
At the time i was an insomniac, Worked at least 16 hours a day.
I don’t know if banks would offer their best deals for a term of only 5 years.

Perhaps look for a standard long term mortgage on competitive rate, but allowing overpayments and no early redemption penalties beyond 5 years. Use an online mortgage calculator to find the total monthly payment to aim for.

Compare the total cost with your current options.
Edited by: "Doug_" 22nd Nov
Speak to independent financial advisor......
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